Theranos founder and CEO Elizabeth Holmes announced the layoffs at an all-employee meeting at Theranos' offices in California on Tuesday. The layoffs were part of a last-ditch effort to avert or at least delay bankruptcy, sources told the Journal.

News of the recent layoffs comes less than a month after the company settled fraud charges for $500,000.

The company had about 800 employees as recently as 2015. An investigation by The Wall Street Journal exposing Theranos' efforts to mislead investors and the public about its technology led to layoffs bringing the head count down to 125. The most recent layoff brings the head count of the failing company down to two dozen or less.